California Sells Carbon Permits for $11.48 Each at Auction
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California, the second-largest carbon-emitting state in the U.S., sold 16.6 million carbon allowances at auction for $11.48 each, roughly in line with analysts’ expectations.
Units of Chevron Corp., JPMorgan Chase & Co., Morgan Stanley and PG&E Corp. were among the companies that qualified to buy permits in the Nov. 19 auction, a report posted on the state Air Resources Board’s website today showed. The agency doesn’t disclose the names of winning bidders. The state received 1.82 offers for every permit put up for sale.